Back in May we got the news that Hasbro would become the new owner of the Power Rangers franchise. Now we have news that the $522m acquisition has now completed.
In a press release circulated overnight Hasbro chairman and CEO Brian Goldner expressed his sincere excitement for the future of the franchise, “Power Rangers will benefit from execution across Hasbro’s Brand Blueprint and distribution through our omni-channel retail relationships globally. Informed by engaging, multi-screen entertainment, a robust and innovative product line and consumer products opportunities all built on the brand’s strong heritage of teamwork and inclusivity, we see a tremendous future for Power Rangers as part of Hasbro’s brand portfolio.”
Check out the full statement below:
PAWTUCKET, R.I.–(BUSINESS WIRE)–Jun. 12, 2018– Hasbro, Inc. (NASDAQ: HAS) today announced it has closed the previously announced acquisition of Saban Properties’ Power Rangers and other Entertainment Assets. The transaction was funded through a combination of cash and stock valued at $522 million.
“Power Rangers will benefit from execution across Hasbro’s Brand Blueprint and distribution through our omni-channel retail relationships globally,” said Brian Goldner, Hasbro’s chairman and chief executive officer. “Informed by engaging, multi-screen entertainment, a robust and innovative product line and consumer products opportunities all built on the brand’s strong heritage of teamwork and inclusivity, we see a tremendous future for Power Rangers as part of Hasbro’s brand portfolio.”
Hasbro previously paid Saban Brands $22.25 million pursuant to the Power Rangers master toy license agreement, announced by the parties in February of 2018, that was scheduled to begin in 2019. Those amounts were credited against the purchase price. Upon closing, Hasbro paid $131.23 million in cash (including a $1.48 million working capital purchase price adjustment) and $25 million was placed into an escrow account. An additional $75 million will be paid on January 3, 2019. These payments are being funded by cash on the Company’s balance sheet. In addition, the Company issued 3,074,190 shares of Hasbro common stock to Saban Properties, valued at $270 million.
The transaction, including intangible amortization expense, is not expected to have a material impact on Hasbro’s 2018 results of operations.
Created by Haim Saban and launched in 1993, Mighty Morphin Power Rangers quickly became a pop culture phenomenon. Today, Power Rangers is one of the longest running kids’ live-action series in television history with nearly 900 episodes produced to date. The TV series, currently in its 25th season with Power Rangers Super Ninja Steel, and feature films, including 2017’s movie with Lionsgate, follows the adventures of a group of ordinary teens who morph into superheroes and save the world from evil. Saban’s Power Rangers currently airs in 150 markets around the world and is translated into numerous languages.
The first set of Power Rangers products from Hasbro will be available in spring 2019.
As part of the transaction, Hasbro acquired Saban Properties’ interests in several additional entertainment assets, including My Pet Monster, Popples, Julius Jr., Luna Petunia, Treehouse Detectives and others.
J.P. Morgan Securities LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Hasbro in the transaction. Goldman Sachs served as financial advisor and Paul Hastings LLP served as legal advisor to Saban Properties in the transaction.